An interesting article on the secret to Barbara Corcoran’s success…

Her venture into property began in 1978 when her then boyfriend Ramon Simone lent her £750 (USD $ 1,000). They were partners in a Manhattan real estate project together.

They lived together with Ramon’s three children, but they also worked together in their business.

In the article she explains: “I had already been fired from more jobs than most people hold in a lifetime.” She then says: “Why not try another job? It was clear I couldn’t work for anyone but myself.”

Ramon Simone announced to Corcoran that he was to marry her secretary, and although she wanted to fire her, she couldn’t as he owned the majority stake of 51% of their joint business.

Corcoran decided she wanted to split the business and go it alone without Simone. One Friday morning she announce that this is what she wanted to do, so they did and each picked their best sales people one by one, like kids do in a playground looking to play a game of rounders.

At this point they had 14 sales people working for them and in the end they divided the company in half, with each taking 50% of the £57,000 (USD $77,000) of receivables and £8,000 (USD $11,000) cash they had too.

Barbara Corcoran is keen to increase the women in business statistics…

On Women in Business it is quoted that women only run 26% of the companies on the Fortune 500 list. Female entrepreneurs, including Barbara Corcoran, are keen to improve on this statistic.

Corcoran got the best boost she could have ever got from her ex-boyfriend. Ramon Simone told her “You know you’ll never succeed without me.”

Barbara Corcoran sees these last words from Simone as a gift and an insurance policy for life.

Corcoran would rather die than to let him see her not succeed.

The business she had after the split was named The Corcoran Group. The Corcoran Group went from strength to strength as a New York real estate brokerage. She sold the business in 2001 for over £49 million (USD $66 million) to Henry Silverman Group. This business sale boosted her net worth and ultimately led her to becoming a shark on America’s Shark Tank.

Barbara Corcoran net worth…

Barbara Corcoran’s worth is estimated to be around £67 million (USD $90 million) as of 2017. She made the bulk of her wealth through real estate. Her net worth took a significant cash boost when she sold her real estate business in 2001.

You know you’ve made it as a successful and wealthy entrepreneur when you appear on the front cover of Inc. Magazine. In the article she talks about what it takes to be a great entrepreneur and how she picks her winners.

As already mentioned she sold her real estate brokerage business for £49 million (USD $66 million) in 2001. It all began with a small loan of £750 (USD $1,000) from Ramon Simone, which she turned into a real estate business empire of more than £447.8 million (USD $6 billion dollars American).

Barbara Corcoran’s worth has since been put to good use as an angel investor on Shark Tank.

Celebrity Barbara Corcoran Shark Tank shark…

Shark Tank Barbara Corcoran is a shark on America’s ABC Shark Tank. She joins fellow sharks in the new series which began 1 October 2017.

Barbara Corcoran is great for offering advice and wisdom on the Shark Tank show. She’s on Shark Tank with Dallas Mavericks owner Mark Cuban, inventor and fellow business woman Lori Greiner, technology entrepreneur Robert Herjavec and software king Kevin O’Leary.

Below she’s seen touching up ‘Mr Wonderful’ Kevin O’Leary, showing her great sense of humour on the ABC show.

Barbara Corcoran investments and deals on Shark Tank…

Barbara Corcoran has been on Shark Tank since the very first season. Therefore in her time she has made a few investments on the show, with her total wealth invested now exceeding £4 million (USD $5 million).

$50,000 investment in Fidgetland for a 20% stake…

Her most recent deal on shark Tank where she will invest £37,000 (USD $50,000) is in Fidgetland. The investment she made was in return for a 20% stake in a company that sells products to help people to stay focused.

Founder of Fidgetland Jason Burns has a learning disability, to which Corcoran can relate as she is dyslexic herself. Not allowing her dyslexia to hold her back, she is keen to help other entrepreneurs with disabilities to succeed too.

In an interview on CNBC she explains “If I were to make a list of my top, say, seven or eight entrepreneurs I’ve invested in on ‘Shark Tank,’ I would say all but one have a learning disability.”

One of her largest Shark Tank investments Coverplay…

Barbara Corcoran invested £261,000 (USD $350,000) in Coverplay for a 40% equity stake in the business. This investment was on the fourth show in season one.

Co-founders of Coverplay entrepreneurs Amy Feldman and Allison Costa pitched for a 15% stake originally. This would have valued the business at over £1.74 million (USD $2.3 million). But in the end they settled on a deal where she got 40% of the shares.

The two entrepreneurs run a baby and child care business. Coverplay sells covers for children’s play pens or play yards in America. The idea behind their covers is to prevent against viruses.

One of her favourite investments from Shark Tank…

One of Barbara Corcoran’s favourite investments she made on Shark Tank was in Tom + Chee.

Entrepreneurs Tru Quakenbush and Cory War pitched their chain of grilled cheese and tomato soup shops business for a 10% stake. They were looking for an investment of £447,000 (USD $600,000), which valued the business at nearly 4.5 million (USD $6 million).

The final investment by Barbara Corcoran was shared with Mark Cuban, where they each invested £224,000 (USD $300,000) for a 15% equity stake, valuing the business at £1.5 million (USD $2 million).

The deal struck with the entrepreneur duo was that Barbara Corcoran gets the franchise rights in New York and Mark Cuban gets the franchise rights in Texas.

For a comprehensive list of Barbara Corcoran’s Shark Tank investments you can see these here on Sharkalytics.

Barbara Corcoran leadership style…

Barbara Corcoran doesn’t believe that leaders are borne, but that they are made by working hard. By doing so, you become someone who others want to follow…

Barbara Corcoran takes her leadership style and approach from her mother Florence. Whilst her mother wasn’t a business woman and ran a working class home and family in New Jersey, she gave Corcoran the inspiration and self-confidence she needed to succeed as an entrepreneur.

Corcoran’s leadership style is more like running the business as a great big family. In an interview on Entrepreneur.com she comments; “I never thought of it as leadership, but I knew I wanted to be loved by the people who worked for me,” Corcoran says.

Inspired by her mother…

She continues and says: “I built the business exactly the way my mother built and ran her family. I wanted a replication of the big, happy family I grew up in. I wanted happy people having fun.”

She found that her business benefited by her staff having fun. In her words in the same interview on Entrepreneur.com she says: “I found the more fun I created in the company, the more creative and innovative it became.” Having just written an article on employee retention strategies, this is another one of those great strategies to embrace.

Although she made her workplace a fun place to be, putting on office parties with dress themes, she also ran a tight ship. She operated a very strict code for newbie sales staff: If no sales were made within the first three months of starting, the employee would be out.

Barbara Corcoran book…

Barbara Corcoran is an author of two books. Her first book is ‘Shark Tales.’ The main focus of her book is on: “How I turned $1,000 into a billion dollar business.” For full disclosure, these links to her book are affiliate links, which means that I will get a commission if you decide to purchase her book.

Her book is an inspiration to entrepreneurs across the world. She provides some great advice for anyone embarking on starting a business. The book is written in a down-to-earth, frank, but heart-warming way.

Many come away thinking; “if she can do it, so can I.” Corcoran is so happy when she inspires new entrepreneurs through her writing.

Another not so well know book “Use What You’ve Got” is a book about business lessons shes learned from her Mom.

In her second book she talks more about her personal life and it’s more of a biography style of book. It includes her growing up in a large family with her 9 siblings. She puts her self-confidence down to her mother, who nurtured her as well as her brothers and sisters.

The book reveals how growing up at an early age, she shared a bedroom with five of her sisters.

Barbara Corcoran Dancing With The Stars…

Like her fellow shark Robert Herjavec, she appeared on America’s Dancing With the Stars (DWTS). They were referred to as Team Sharkeo on the show.

Barbara Corcoran DWTS partner was Keo Motsepe. But she didn’t last too long on the show. Barbara Corcoran and Keo Motsepe were the first dancing couple to be eliminated from season 25.

In an interview with her South African dance partner Keo Motsepe in US Magazine he explained how grateful he was to spend time with her; “I never stopped laughing, that’s for sure. I was very humbled to dance with her.”

I have also begun a discussion on my business forum. The discussion was inspired by Barbara Corcoran’s huge success that lead from such a small initial investment of £750 (USD $1,000). Well actually, even the £750 wasn’t her own money; it was other peoples money or OPM. So really she’s created her fortunes and millions from non of her own money. Her return on investment becomes infinite!

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